We Just Witnessed A Historic Month For Commercial Aircraft Orders

People ordered a ton of airplanes in July.

In a note to clients, Brian Jones at Societe Generale said he expects durable goods orders rose 24.5% in July, up from 1.7% in June, and topping the current record high monthly percentage increase.

The catalyst? Airplanes.

Jones notes that Boeing reported a record 324 commercial aircraft were ordered in July, nearly three-times the 109 ordered in June, with the composition of these orders weighted towards the company's more expensive models.

Boeing's orders totaled an estimated $98.3 billion, Jones estimates, and he expects the Census' durable goods report next week to show an increase in aircraft bookings that is about half that amount.

Jones writes that, "While market participants have been trained to strip out the ever-volatile transport category when assessing a report, July's projected moon shot, with its implications for future nondefense capital goods shipments, may indeed be too large to ignore."

Here's the eye-popping chart that shows the projected increase in airplane sales.